You may have read headlines or seen references to lead conversions and if you’re not sure what this means or even where to start, this article is for you.
What is a Conversion
A conversion is when a potential customer has engaged with your brand or business in some form, and then proceeded to take an action. That action may be signing up for a mailing list, purchasing an item, followed you on a social platform, or even subscribed. The end result is whatever outcome you’d like for your potential customers to do. So take a minute and consider any marketing efforts you’re currently doing, like maybe you have a special deal on your website? A recent social media post? An email newsletter with links to videos or a survey? The options are endless, but still there is a measurable metric that will ultimately be calculated for the amount of potential customers/leads that you’ll be looking to attract.
What is a Lead
Simply put, a lead is a person who has interest in your product or service that can make a decision about buying. There’s a difference between people looking to kick tires, but don’t have authority to actually make a purchase. The conversation or content to those information seekers should differentiate them from their counterparts or management who are able to make purchasing decisions. A lot of times we create content that’s like spaghetti on the wall with the hopes that something speaks to the right person amongst all the mess on the wall. Truth be told, no one likes a mess, let alone want to eat off a wall.
How to Calculate Your Conversion Rate
Every business is different with regards to their prices for their products and/or services. So while we’re going to talk about conversion rates, I would suggest that you sit with your team and decide what is an acceptable goal that is something your business isn’t complacent with but is within attainable number.
Ok so essentially to the formula for calculating your conversion ratio is: Conversion Ratio = Number of Confirmed Sales/Action, Divided by the Total Number of Leads Multiplied by 100. A common conversion rate is anywhere from 10-20%. When you step back and think about it, it’s a numbers game. The more leads you have the more potential sales you should have which ultimately boosts your bottom line.
If in a week you are able to attract 200 leads and 20 of them convert, that gives you a 10% Conversion Rate. The other piece to this with your business is to see how consistent you are with your metrics. Are you consistently getting 200 leads? What are the marketing methods your using to attract those leads? If you were to double those efforts or marketing budget, would that also double the amount of leads? Could there be other marketing efforts through other channels and platforms that you can also track and measure to perform the same?
One last thing to point out here is that by doing this exercise, you can also calculate your cost per customer. This is called Customer Acquisition Cost (CAC). Since you know how many customers or leads you’re getting from the above equation, you’ll need to know how much it costs for your marketing efforts. This includes but isn’t limited to cost for flyers, business cards, ad-spend on social media platforms, Google Ad campaigns, article boosting and promoting, and more. Count all of your marketing costs up and divide that by the number of confirmed customers/sales. For example, if my monthly marketing costs is $1,000, and our business is averaging 100 customers a month, well my CAC is $10 or every new customer costs me $10. Now if each new customer purchases a product or service at least say $200, then my average sales for those same 100 customers will gross us $20,000. And again, if it only costs me $10 for each new customer, wouldn’t you say that’s a worthwhile budget and spending plan?
If you or your business needs help with formulating your conversion rate or you’d like ways to boost your metrics, feel free to contact us because we’d love to help.
I was going through some emails and came across a press release from F8 where they demo Messenger as a desktop app and that made me smile. So before I get into my view on this, you can go ahead and download it free on the Mac App Store as well as the Microsoft App Store. Both are free!
Now for me I use Facebook a little different. While Facebook has a BUNCH of different apps, I preferred it when they had all of the functions under one app. I imagine it was easier to maintain them as separate installs, but for me I hate having to switch apps to perform a function that I used to do while inside of one experience already. Additionally I don’t like having Messenger on my iPhone and resorted to using it on my iPad and through my browser as my main interaction point. Having it as a stand alone app on my laptop though saves me from using the additional device, but also keeps the Messenger experience to my main device; being my laptop. I use Messenger almost exclusively for business interactions so I like to keep my time of use of it to normal working hours, then close it and not get notifications or distractions from it until I’m ready to. Similar to how I treat emails during the day too by only opening my email app a few times a day and not having it open all day to distract me of every email of the many inboxes I manage. But I digress.
So check out the desktop offering and let me know what you think! Will you use it more or less than the mobile apps or through your browser?
With everything that’s happening these days of quarantining and social distantancing, conducting normal business can be challenging. Whether you have a brick and mortar establishment, home based, or virtual business, keeping your products and services available in the marketplace during these times are different. This presentation is designed to help show you how you can keep your business relevant during these times with the use of use cases, strategy, resources, and tools. You’d be surprised what your capable of doing once you have the knowledge of what’s out there to help keep your brand awareness going despite traditional forms of business outreach.
The main thing I want to highlight is that during this time, it’s important to keep a consistent and relevant voice to your current and potential clients. There are a lot of bigger companies scaling back their marketing efforts and social media outreach and this creates a void where you as a small business can step in and dominate with your offerings. Also consider what your customers mindset will be once this is all over and how they will have been used to how your business pivoted or supplemented their needs, and once things clear up they’ll still be there with you because of how you helped them through a tough time.
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I’m a fan of linked in. I first created my account in 2008, and remembering what it was when I first signed on being an online resume type of platform to the content platform it is now is a nice progression. While Linked In has made some good partnerships with other large companies and acquisitions, this platform is still very much relevant for B2B and B2C if you’re aware of how to engage with the audience and users.
This presentation is a highlight of the ways to optimize your profile, tips with using the options for external promotion of other online repositories of your work or websites, along with best practices with creating posts. I’ll be posting the video to this soon for a full replay but in the meantime take advantage of the slides. If you have any questions feel free to contact me with ways you can create a unique offering on Linked In.
This weekend I had the pleasure of being one of the speakers at the biggest blogging conference in Florida, FL Blog Con. My presentation was on Google Analytics, to help people who may be familiar using GA and those who have heard about it but haven’t really used it yet.
Now if you’ve ever taken a look at Google Analytics you know it can be a bit daunting at first. There’s a bunch of panels, different sections, numbers and graphs everywhere. To even understand where you should go and what means what can be a complete turn-off for a website owner just looking for simple information on a count of visitors to their website during a certain time and where they came from.
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This presentation I highlight some key areas that house some good information for most beginner users to see what’s working or what’s not working with the content and traffic on their website. Thank you to all those that attended. There wasn’t an open seat in the whole room and the questions you asked were great!
I recently sat down with a long time friend of mine, Schellie Fanfan, LMHC, MS, EdS, CRE, and spoke about the challenges, emotions, and ebbs and flows of running a business. Let me tell you that she brought to light so many things that I’ve thought about or experienced but never really put into perspective with regards to mental health.
As a creative, there’s so many feelings and thoughts that circle our minds on a regular basis. Some things pertaining to business, some to personal, but still there and not always having time to fully process. The realization was that all of these things and more were affecting my mental health. Coincidentally I thought back to green room conversations at past conferences I attended with other creatives having similar conversations and sharing how we each individually “deal” with day to day happenings and what not. What I didn’t fully realize until I talked with Schellie was how being a highly functioning person, the effects to my mental health that would ensue.
Now this wasn’t a formal session, we were actually on set recording some promotional videos for her new website and platform. I saw an opportunity to ask her about what she notices when counseling business owners and entrepreneurs. This short snippet isn’t enough at all, but does give insight on the different ways that our mental health can be affected in our day to day without much notice from us at all.
I would highly recommend that after watching this if you have any questions to reach out to Schellie directly. She has years of service and even more in studies, degrees, and has more acronyms that I’ve ever seen.